MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires 74,071 Shares of Arista Networks, Inc. (NYSE:ANET)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Arista Networks, Inc. (NYSE:ANET) by 105.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 144,463 shares of the technology company’s stock after purchasing an additional 74,071 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Arista Networks were worth $15,968,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Caitlin John LLC grew its stake in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after acquiring an additional 152 shares during the period. Capital Advisors Ltd. LLC grew its stake in shares of Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after acquiring an additional 191 shares during the period. New Millennium Group LLC grew its stake in shares of Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after acquiring an additional 195 shares during the period. Cranbrook Wealth Management LLC grew its stake in shares of Arista Networks by 300.0% during the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after acquiring an additional 198 shares during the period. Finally, Trust Co. of Vermont grew its stake in shares of Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after acquiring an additional 198 shares during the period. Institutional investors own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and raised their target price for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Piper Sandler restated a “neutral” rating and issued a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Erste Group Bank downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. Evercore ISI cut their target price on Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Finally, The Goldman Sachs Group cut their target price on Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $107.14.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of Arista Networks stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at $8,697,137.08. The trade was a 59.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John F. Mccool sold 17,433 shares of Arista Networks stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.14, for a total value of $1,623,709.62. Following the completion of the sale, the insider now owns 17,433 shares in the company, valued at approximately $1,623,709.62. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 410,867 shares of company stock valued at $37,056,669 in the last ninety days. Company insiders own 3.39% of the company’s stock.

Arista Networks Trading Down 2.3%

Shares of NYSE ANET opened at $95.97 on Friday. The stock has a market cap of $120.53 billion, a price-to-earnings ratio of 43.23, a P/E/G ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The stock’s 50-day moving average is $79.95 and its 200 day moving average is $97.24.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Arista Networks’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period last year, the firm posted $0.50 EPS. On average, analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Arista Networks Company Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.